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If environmental hazards are discovered and the landowner had no previous knowledge of their existence, The answer is may be several hundred feet underground or near the surface. 9 Mistakes to Avoid When Selling Your Home. is usually always near the surface. I completely disagree with this sentiment. A good place to start is with the introductory paragraph of the SPD form on page 1. In addition, the agent is responsible, along with the seller or lessor, if the seller or lessor fails to comply; unless the failure involves specific lead-based paint or lead-based paint hazard information that the seller or lessor did not disclose to the agent. Nolo has also summarized the laws in select states. If the seller has lied on the Disclosure Statement then the buyer can proceed to sue such a seller and claim damages including costs of repairs. Unit 21: Environmental Issues and the Real Estate Transaction - Quizlet A stamping machine that costs $160,000\$ 160,000$160,000 is depreciated 10%10 \%10% per year by the declining-balance method. Since every state is different, here are some examples. Gifting or transferring of a property, usually between relatives, Business transfers, usually in cases where two or more investors co-own a rental property. If you are selling a house built before 1978, you must comply with a federal law called the Residential Lead-Based Paint Hazard Reduction Act of 1992 (U.S. Code 4852d), also known as Title X. You cant be held responsible for not disclosing this defect if its discovered by the buyer a few months after closing. A) C) Questions such ashow does for sale by owner work in Tennessee or whether opting for a real estate agent would be better? Sellers should also divulge information on the property deed and survey (encroachments, easements, and other ownership interest issues). Disclosure Requirements for Selling Colorado Real Estate